Recently, Cohen & Buckmann, P.C. partners Jeff Mamorsky and Gretchen Harders were interviewed by PLANSPONSOR magazine for the May 7th article “How Self-Auditing The Retirement Plan Prevents Compliance Issues Down The Line”. In the piece, they discuss how regular self-auditing of retirement plans is crucial for plan sponsors to avoid hefty correction costs and penalties. They delve into the proactive approach of self-auditing retirement plans and make clear how such measures can mitigate compliance risk.
Fortunately for plan sponsors, the SECURE 2.0 Act of 2022 significantly expanded the ability for qualified retirement plans, 403(b) plans, SEPs and SIMPLE IRA plans to self-correct any “eligible inadvertent failure” to comply with the requirements of the IRS. The DOL also recently announced that expanded voluntary fiduciary correction guidance will come in the next few months. Similarly, updated guidance from the IRS is also expected by the end of the year.